Slide 1: Investor Presentation: The Leading Ukrainian Digital Operator
Investor Presentation The Leading Ukrainian Digital Operator August 2025
Slide 2: Disclaimer
Disclaimer 2 This presentation (this “Presentation”) of Kyivstar Group Ltd . (“Kyivstar Group” or the “Company”) contains “forward - looking statements” within the meaning of the U . S . Private Securities Litigation Reform Act of 1995 that relate to the Company’s current expectations and view of fu
Slide 3: Today's presenters
3 Today’s presenters • Served as CEO of GroupM (large user acquisition marketing company) • Forbes #1 CEO in Ukraine (2020) Oleksandr Komarov President Kyivstar Group Limited • Served as CEO of Beeline (Kazakhstan subsidiary of VEON) • 20+ years with VEON group • Held several senior finance roles at
Slide 4: Kyivstar at a glance
Kyivstar at a glance Leading market positions with ambitious expansion opportunities in digital 4 Telecom business Digital Leading Ukrainian mobile communication provider, offering voice, data and IoT 1 solutions Leading Ukrainian mobile communication provider, offering voice, data and IoT 1 solutio
Slide 5: Consistent growth in monthly ARPU driven by multiplay penetration
75 85 95 107 121 107 143 2020 2021 2022 2023 2024 H1'24 H1'25 2.1 3.1 3.5 4.1 6.1 5.3 6.5 2020 2021 2022 2023 2024 H1'24 H1'25 Consistent growth in monthly ARPU 1 … Driven by multiplay penetration 2 and superior service quality 5 Multiplay as a % of total users 2 Monthly ARPU (period - avg), UAH Sou
Slide 6: Substantial ARPU growth potential on the back of Ukraine's economic recovery
3.4% 5.3% 2.9% 2.0% 4.5% 4.8% 2021 2022 2023 2024 2025F 2026F 2027F 14.8 13.9 13.0 12.7 12.0 12.0 11.0 10.9 10.6 10.1 8.8 6.0 3.2 3.0 3.4 Slovenia Hungary Croatia Latvia Ukraine Axis Title Estonia Czechia Slovakia Serbia Bulgaria Lithuania Poland Romania Moldova Axis Title Source: GSMA, IMF N o te s
Slide 7: Leadership in Fixed Broadband segment
14.0% 5.2% 4.5% 76.3% #1 Kyivstar #2 Ukrtelecom #3 Volia Other providers 7 Source: State Statistics Committee, NCEC official reports N o te s : 1. After acquisition of Volia by Lifecell 2. The four previously largest players acquired comprise of Data Group, Volia, Vega, and Freenet 3. As of Q1 2025
Slide 8: Leveraging our loyal subscriber base with digital products and services
8 Leveraging our loyal subscriber base with digital products and services Strong growth with low customer acquisition costs Big Data & AdTech platform 2.0 m Kyivstar TV registered users 5.4 m app MAU 1,3 0.1 m B2B end users (licenses) 3 1 m partner apps MAU 1,3 Real - time kinematic 2 , Cybersecurit
Slide 9: Digital service offerings increase ARPU and customer stickiness
Enables cross - selling to Kyivstar’s existing 24m telecom customers • Adding Uklon and other non - telco apps to our digital portfolio enhances telco offers and we expect will drive upsell • Asset - light platform enables geographical scaling of digital offerings to adjacent markets • Ecosystem sca
Slide 10: Growth strategy and management priorities
Growth strategy and management priorities 10 Kyivstar’s medium - term growth strategy focuses on deepening mobile market leadership and expansion of digital services Telecom business Digital Serve as a key player in restoring and developing digital ecosystem in Ukraine ᴣ Target significant organic g
Slide 11: The impact of the war and our response
11 The impact of the war and our response N o te s : 1. Translated to US$ at period - avg UAH/US$ NBU FX rates: 40.16 (2024) 2. Actual GDP growth for 2023 and 2024 3. State Statistics Service Of Ukraine, National Bank of Ukraine Key highlights, mitigation measures Introduced Roaming Like at Home to
Slide 12: Financial performance overview
19.7 20.7 24.4 2023 2024 H1'25 LTM 33.5 36.9 42.9 2023 2024 H1'25 LTM 12 Financial performance overview Kyivstar Group’s financials show resilient performance N o te s : 1. H1’25 LTM values calculated as 2024 measures minus corresponding measures for H1’24 plus corresponding measures for H1’25. 2. T
Slide 13: H1'25 financial performance
3.6 5.8 5.5 6.9 Q1'24 Q2'25 106.6 143.2 H1'25 7.1 9.4 10.6 11.8 Q1'24 Q1'25 Q2'24 Q2'25 5.3 6.5 H1'24 H1'25 H1'24 • H1’25 financial performance on the back of continuing war reflects Kyivstar’s superior positioning and is largely driven by 27% growth (y - o - y) in ARPU which includes the impact of
Slide 14: Kyivstar valuation & ownership
Ownership structure 2 Kyivstar Group Limited valuation Kyivstar valuation & ownership 14 Notes : 1. Stock price as of August 27 , 2025 , close ; calculated as the average of daily dollar volumes, where each day’s volume equals closing price î trading volume 2. Includes ~ 4 . 0 million sponsor promot
Slide 15: Kyivstar investment highlights
Kyivstar investment highlights World class team: Proven leaders with a track record of resilience through war and robust governance Robust financial profile: We believe we are poised for growth with Ukrainian recovery and digital services expansion Strong balance sheet: Significant financial and str
Slide 16: Appendix
_— =a - aN ee KYIVSTAR Appendix —
Slide 17: Reconciliation of non-IFRS / non-GAAP financial metrics (1/2)
Reconciliation of non - IFRS / non - GAAP financial metrics (1/2) 17 2023 2024 Q2’24 Q2’25 H1’24 H1’25 H1’25 LTM 2 Profit to Adjusted EBITDA reconciliation 1 281 283 72 82 108 126 301 Profit for the period 65 64 17 21 26 35 73 Income taxes 346 347 89 103 134 161 374 Profit before tax 127 118 28 35 5
Slide 18: Reconciliation of non-IFRS / non-GAAP financial metrics (2/2)
Reconciliation of non - IFRS / non - GAAP financial metrics (2/2) 18 N o te s : 1. Financials for interim periods, incl. H1’25, H1’24, Q2’25, Q2’24, were not audited, while combined financial statements for 2024 and 2023 represent audited accounts 2. Calculated as measures for 2024 minus correspondi